There are various ways to immigrate to Canada. Study Visa, Work Visa, Spouse Visa, Tourist, these are just some of the ways that are popular among Punjabis looking to settle abroad. But various changes were recently made to Canada’s immigration policy, making the task tougher for immigrants. These changes were made in order to bring the influx of immigrants under control.
But here is a new way to apply for a Visa, that is meant to reward one’s ingenuity and creativity in business. Canada’s Start-up class, or more commonly known as Start-up Visa (SUV), is an avenue for PR for aspirants with a business mindset. Here’s more details about this, along with who can and how to apply for this visa:
Canada’s start-up visa can fulfill the dream of Permanent Residence (PR) of eligible entrepreneurs. The aim of this program is to give a platform to creative entrepreneurs. Under this, the aspiring entrepreneurs are connected with Canadian private sector investors so that they can start their own business. First, the aspirants will come to Canada with a work permit by the support of the Canadian investors, and then when their business is established and meets the required criteria, they get their PR.
What is the eligibility?
According to Canada’s official website, the business idea must provide a significant economic benefit to Canada. Then the idea needs to be pitched to a designated organization, to get their support. A work permit can be obtained by the company’s support, allowing the applicant to work after applying and waiting for PR.
What is a Designated Organisation?
A designated organization is one that invests in the aspiring entrepreneur’s idea. In Canada’s private sector, there are mainly three types of such organisations, namely, Angel investor, Venture capital fund and Business Investor.
Angel Investor: An angel investor must invest at least $75,000 in your eligible business. It may also happen that two or more investors combine to complete this amount.
Venture capital fund: Venture capital fund has to invest at least 2,00,000 dollars in your business. It can also have 2 or more investors.
Business Incubator: A businessman who can make you a part of the Business Incubator program of his business can also be a part of the Designated NTT.
There are some conditions regarding the Start-up Business meet. The business must be located on Canadian soil. The applicant needs to be given at least 10 percent of the voting rights of the corporation. No other person can hold 50 percent or more of the voting rights of the corporation. A special feature of this is that a single Canadian businessman can support a maximum of 5 such applicants.
What are the requirements to get a work permit or permanent residence?
For Work Permit – Applicants for Work Permit must have a 'Commitment Certificate' from the Designated NTT.
For Permanent Residence – The applicant must be fully involved in the management activities of the start-up business opened in Canada.
It is important to note that business operations must be on Canadian soil. All business liability should also be in Canada.
Why is this venture less popular among Punjabi aspirants?
Professionals in immigration say that more cases of start-up visas come from Bengaluru, Delhi or Mumbai than from Punjab. They say that it requires a lot of educated and creative people. There is more demand for business visa than start-up visa from Punjab.
One advantage of this avenues is that the main applicant can take with him 4 other partners called co-founders. But there is also a problem. Understand that you got PR, but renewing PR can be very difficult if your co-founders part ways with you. But they definitely believe that this visa can be very effective for those who want to see their business idea flourish on the land of Canada.